Tullett Prebon (TCAP) Still Expects to Complete NEX (ICAP) Deal in 2016

The company issued an update to the London Stock Exchange confirming that 310,314,296 new Tullett Prebon shares, representing approximately 56% of its issued share capital (calculated on a fully diluted basis and immediately following such issuance), will be issued to the shareholders of NEX in connection with the acquisition, including NEX’s associated technology and broking platforms and certain of NEX’s joint ventures and associates.

The company also repeated today that, as previously announced, the transaction is expected to be completed on 30 December 2016.

Background

Tullett Prebon last November, in which it would receive all of the associated technologies owned by ICAP including iSwap and Fusion, together with some of the company’s joint ventures and associates.

As reported by Finance Magnates in March this year, and that once all the approvals for the deal were received, it expected to complete the deal within the current calendar year.

Chief Executive John Phizackerley that he “continued to hope the deal would be done by the end of 2016.”

Once the deal is completed, it will make Tullett Prebon the world’s largest interdealer broker in an industry in which middlemen help move large or illiquid fixed income, derivatives and commodities trades between brokers.